The baby and toddler chain is in rescue talks with its banks as profits nosedive and debts rise. Despite shares crashing by more than 15% on Friday (March 2) bosses claim a plan to fight back is on track.

Mothercare's debts have increased from nearly £38 million to just under £50 million as it continues to be hit by cheap competition from supermarkets and online retailers, the Mirror reports .

Mothercare has already halved its UK store number to 140 and aims to close up to another 60.

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He added: "The support already being shown gives us confidence that, despite the challenges, there remains a clear way forward for Mothercare to realise its ambition to be the leading global retailer for parents and young children."